Bank relationships

Discussion in 'Business Lounge' started by BadStuff, Oct 15, 2015.

  1. BadStuff

    BadStuff Registered+

    Are there any banks that are 420 friendly.

    Some banks like chase and bofa wont do business accounts or buisness loans for cannabusiness.
     
  2. redtails

    redtails Registered+

    FDIC means no cannabusiness, so if you can find a private bank that's not federally insured then they might be your best bet. As long as it's still a schedule 1 substance the feds won't take your illegal money...
     
  3. BadStuff

    BadStuff Registered+

    Credit unions operate under the National Credit Union Ins. Fund (NCUSIF) which is organized and operates similar to the FDIC to protect customer deposits.

    Do they have the same restrictions.

    Any operators out there w real world knoledge.

    Ultimately my question would be is it a waste of time to pull together a business plan and go looking for a small business loan to scale up my grow operation
     
  4. gardenermendo

    gardenermendo Registered+

    Keep an eye out on the legal states, Colorado, Washington, Oregon and Alaska. They're working on setting up some sort of State based system to handle cannabis money. Might not be available yet, but keep your ears to the news in their states.
     
    • Agree Agree x 1
  5. BadStuff

    BadStuff Registered+

    I was reading about work arounds w prepay debit cards and similar financial services.

    If the goal is to be a legit business, pay taxes, file articles of incorporation etc. I am looking for a way to handle cash make deposits track expenses just like any other business.

    Looking to the legal states is probably the best as you say. Thanks
     
  6. emilya

    emilya Future Dispensary Owner

    Right now there are 11 major banks that handle cannabucks... more heading that way soon. There is too much money involved for the banks to ignore this for long.
     
    • Useful Useful x 1
  7. BadStuff

    BadStuff Registered+

    Its too big to ignore.

    Where can i find info on the 11 you mention.
    Much appreciaterld
     
  8. emilya

    emilya Future Dispensary Owner

    We had a list at work the other day, been trying to find it online but not having much luck. I will ask monday where this list came from. Obama did make it legal for banks to deal in cannabucks this year, and last I saw there were like 250 small regional banks and credit unions like Numerica in Washington allowing this money in the various states, with several major players like Chase entering the market recently. I will keep trying to find this list and get back to you.
     
  9. DudemanYO

    DudemanYO Registered+

    Anybody know of a supplier that has the pob processing aka cashless atm service?
     
  10. Kevin Quaglia

    Kevin Quaglia Registered

    I work with private lenders that are looking to make loans into the cannabis industry. I can have funds available within a week if you're a legitimate business with a bank account. Email your needs to me at kevinquag on gmail.
     
  11. DudemanYO

    DudemanYO Registered+

    I finally found someone to provide bankcard processing

    The contact is cardservices over at gmx com
     
  12. Kevin Quaglia

    Kevin Quaglia Registered

    I can fund your business needs, as long as you have a bank account and have been in business for 6 months. Bad credit is ok. For a first time business arrangement, I can loan 2x your monthly sales, up to $250,000. 90% of my loans are approved and funded within 10 days.

    Use the money for whatever you want. I don't want any partnership and I won't be asking for any personal guarantees.

    Reply to this thread or email kevinquag@gmail.com
     
  13. DudemanYO

    DudemanYO Registered+

    Thanks but we wouldn't need any funding at this time.

    Was just letting folks know dispensaries have a way to accept credit card and debit card payments.

    cardservices at gmx com
     
  14. Matt Dean

    Matt Dean Registered

    We will lend to the Cannabis industry as long as you have a business bank account. We want to see 6 months bank statements and then we can lend to you. The credit unions are the banks that are working with the Industry. What state are you located in?
     
  15. Grower4209171

    Grower4209171 Registered+

    Hey correct me if Im wrong, But oregon allows them to use banks?? Something I was hearing when I was up there
     
  16. DudemanYO

    DudemanYO Registered+

    I have a deal now to provide credit card processing for the Cannabis industry

    If anybody needs this service, email me at cardservices@gmx.com
     

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